Sri Lanka’s Capital Alliance PLC is looking to raise nearly Rs. 1.6 billion through an initial public offering (IPO), stock exchange sources said.
"The issue will be 7.6 per cent of the company's issued capital," one source said. He said the company is raising capital for expansion in Kenya, East Africa, adding: "They hope to set up a full service investment bank in Kenya."
Capital Alliance PLC also has an operation in Bangladesh -CAL Bangladesh. It is a financial intermediary in Bangladesh, offering merchant banking and stock brokerage services to a diverse group of clients. The IPO opens on May 8.
Former President Mahinda Rajapaksa is due to vacate his official residence at Wijerama Mawatha, Colombo this morning, a Sri Lanka Podujana Peramuna (SLPP) source said.
The Presidents’ Entitlements (Repeal) Bill was passed by a majority of 150 in parliament today. However the opposition MP’s were absent during the voting.
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